Abéo SA (ABEO.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Abéo SA designs, manufactures, and distributes sports and leisure equipment in France and internationally.It offers gymnastics apparatus and landing mats, team sports equipment, physical education, climbing walls, and changing room fittings.The comany also provides assistance in implementing projects to professional customers in specialized sports halls and clubs, leisure centers, education, local authorities, construction professionals, and other sectors.

It offers its products under the GYMNOVA, JANSSEN-FRITSEN, SPIETH GYMNASTICS, SPIETH AMERICA, SCHELDE SPORTS, ERHARD, BOSAN, EP, CLIP'n CLIMB, TOP 30, CLIMBAT, DOCK 39, FUN SPOT, FRANCE EQUIPEMENT, SANITEC, NAVIC, PROSPEC, and META brands.The company was founded in 1955 and is headquartered in Rioz, France.

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1.b. Last Insights on ABEO

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1.c. Company Highlights

Last Price	8.4
Change Percentage	0.00%
Open	8.4
Previous Close	8.4
Market Cap ( Millions)	63
Volume	1431
Year High	11.65
Year Low	8.2
M A 50	8.81
M A 200	9.18

FCF Yield	30.75%
Dividend Yield	3.93%
ROE	5.69%
Debt / Equity	87.66%
Net Debt / EBIDTA	132.29%
Price To Book	0.56
Price Earnings Ratio	9.96
Price To FCF	3.25
Price To sales	0.25
EV / EBITDA	2.23

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.67%)

6. Segments

Sports

Expected Growth: 12%

Abéo SA's Sports segment growth of 12% is driven by increasing participation in sports and fitness activities, rising demand for sports equipment and apparel, and growing popularity of outdoor activities. Additionally, the company's strategic partnerships, innovative product offerings, and expanding distribution channels contribute to its growth momentum.

Cloakroom

Expected Growth: 10%

Cloakroom from Abéo SA's 10% growth driven by increasing demand for smart storage solutions, rising popularity of compact living, and growing need for space optimization in urban areas. Additionally, Abéo SA's focus on innovative designs, sustainable materials, and expanding distribution channels contribute to the segment's growth.

Sports & Climbing

Expected Growth: 13%

Abéo SA's Sports & Climbing segment growth of 13% is driven by increasing popularity of outdoor activities, rising health awareness, and growing demand for climbing equipment and accessories. Additionally, the segment benefits from strategic partnerships, innovative product offerings, and expanding distribution channels, further fueling growth.

7. Detailed Products

Sports Equipment

Abéo SA offers a wide range of sports equipment for various sports and activities, including gymnastics, climbing, and football.

Gymnastics Equipment

Abéo SA provides a variety of gymnastics equipment, including beams, bars, vaults, and floors, designed for safety and performance.

Climbing Walls

Abéo SA designs and installs custom climbing walls for indoor and outdoor facilities, catering to climbers of all levels.

Football Goals

Abéo SA offers a range of football goals, including portable and fixed goals, suitable for professional and amateur teams.

Sports Flooring

Abéo SA provides sports flooring solutions, including sprung floors, synthetic surfaces, and athletic tracks, designed for safety and performance.

Scoreboards and Electronics

Abéo SA offers a range of scoreboards, displays, and electronic systems for sports facilities, including scorekeeping, timing, and sound systems.

8. Abéo SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Abéo SA operates in the sports equipment and apparel industry, where substitutes are available. However, the company's strong brand recognition and high-quality products reduce the threat of substitutes.

Bargaining Power Of Customers

Abéo SA's customers are individual consumers and sports teams, who have limited bargaining power due to the company's strong brand reputation and wide distribution network.

Bargaining Power Of Suppliers

Abéo SA relies on a few large suppliers for raw materials, which gives them some bargaining power. However, the company's long-term relationships with suppliers and its ability to negotiate prices mitigate this threat.

Threat Of New Entrants

The sports equipment and apparel industry has high barriers to entry, including significant capital requirements and established brand recognition. This makes it difficult for new entrants to compete with Abéo SA.

Intensity Of Rivalry

The sports equipment and apparel industry is highly competitive, with several established players competing for market share. Abéo SA faces intense rivalry from companies like Nike, Adidas, and Under Armour.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	41.90%
Debt Cost	8.87%
Equity Weight	58.10%
Equity Cost	8.87%
WACC	8.87%
Leverage	72.13%

11. Quality Control: Abéo SA passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Abeo

A-Score: 5.2/10

Value: 9.6

Growth: 5.0

Quality: 3.8

Yield: 3.8

Momentum: 2.5

Volatility: 6.3

1-Year Total Return ->

Profoto

A-Score: 4.5/10

Value: 9.0

Growth: 2.1

Quality: 6.9

Yield: 8.8

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Tivoli

A-Score: 4.3/10

Value: 2.4

Growth: 5.7

Quality: 5.4

Yield: 0.6

Momentum: 2.0

Volatility: 10.0

1-Year Total Return ->

Dometic

A-Score: 3.9/10

Value: 7.8

Growth: 3.9

Quality: 2.0

Yield: 5.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

The Gym Group

A-Score: 3.8/10

Value: 5.5

Growth: 6.6

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

Focusrite

A-Score: 3.2/10

Value: 6.1

Growth: 3.1

Quality: 4.5

Yield: 3.1

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.57%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.87%

Abéo SA - FR0013185857

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ABEO

Have nothing to say about that one ...

1.c. Company Highlights

Weak Momentum

Less Volatile

Average Quality

Fairly Valued

Lower Quality

Average Yield

Average Growth

Lower Growth

Stable Momentum

Medium Volatility

Cheaper

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.67%)

6. Segments

Sports

Expected Growth: 12%

Cloakroom

Expected Growth: 10%

Sports & Climbing

Expected Growth: 13%

7. Detailed Products

Sports Equipment

Gymnastics Equipment

Climbing Walls

Football Goals

Sports Flooring

Scoreboards and Electronics

8. Abéo SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Abéo SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.4$

Current Price

8.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA